$4 Billion Sanctions-Evasion Network Uncovered in Iran via Crypto and Gambling Ops
A $4 billion sanctions-evading network has been uncovered in Iran, involving illegal online gambling operations, cryptocurrency transactions, and an unlicensed Dubai-based crypto exchange. The network gave sanctioned Iranian entities access to global cryptocurrency markets despite Western restrictions.
The operation centered on Shelbit, a Dubai-based cryptocurrency exchange that investigators say acted as a financial hub linking Iran's central bank, a Farsi-language gambling network, suspected state-backed bitcoin mining operations, and major international crypto exchanges.
Blockchain data reviewed by Reuters showed Shelbit processed at least $4 billion in cryptocurrency since May 2024, including hundreds of millions of dollars routed to Binance, the world's largest crypto exchange.